Hello Riders, what an exciting few days we have had, especially this past weekend.
I will start by telling you to join our discord if I haven't already, the last few days I have been sharing many setups for longs that have been successful and even a new one to trade (grid trading)
In general, the NASDAQ continued to hold and bounced again from our buy zone on the daily and 4-hour charts (how many opportunities to make quick trades has this zone given us, incredible!). Some stocks like Amazon, Google, ABNB and others even had strong bounces after the "likely bounce" signal confirmed on their weekly charts.
Altcoins took advantage of the stability of Bitcoin and the bounce in stocks to grow and partly shorten the large gap between its price and our the Macro Trend Divider Band or the Rider Band on the weekly chart. It should be noted that this happened while our indicator marked a "probable bounce" signal on the weekly chart of Total Altcoins, fascinating!
Now having said all this: THE TREND IS STILL BEARISH. So we have to be very attentive to the charts and Take profit areas in our indicator (Key Levels) to move our stop losses and avoid entering a trade too late.
In this issue we will review where the NASDAQ, Bitcoin and Total Altcoins are after the last bounce.
$NASDAQ
Price is halfway between the buy zone and the sell zone.
The opportunity to buy on the daily chart has passed, if you want to buy you would wait for:
1. Price returns to buy zone.
2. Price breaks the take profit zone.
3. As an alternative, use smaller timeframes like 1 and 4 hours that are working extremely well.
$BITCOIN 1W
Not much going oin the weekly chart. Positive sign is that bitcoin moved sideways after the FTX dump, showing strength but there is still a very clear red zone to clear before being bullish on this chart. I do think a test of the red zone is highly likely if stocks keep bouncing, but will trade bitcoin based on other timeframes right now.
$BITCOIN 1D
Two bullish signs appeared that suggest that bounce will most probably continue the following days.
Highest volume traded the last 100W is at 16700, creating a solid base in case $BTC retraces.
Bull signal pending confirmation today
Money flow on oscillator flipped green. The longer it stays green the better chances of a major bounce we have.
However we have to clear the 17700-18400 TP zone first, then the road is clear until 21K imo.
Conclusion:
In this case what i would do is to create a long grid on bybit if bull signal confirms with 16K as lower limit and 21.5K as upper limit. Check our Grid Trading tutorial on our ONLINE COURSE site.
I choose the grid instead of spot buy as the macro trend is still bearish and there could be many fakeouts on the way up a grid will help me to catch the retracements and spend less time tracking the charts.
Bull signal pending and TP zones
Money flow flipped green! 1st step for a major recovery.
$ALTCOINS
Bullish action after a problable bounce and green circle close to a clear support. Resistances are on the chart.
Altcoins are very strong, it strikes me how they have managed to maintain their support even better than bictoin after the fall of FTX.
Since the bounce has already had its first push try to use smaller timeframes (4H and 1D ideally) to trade and try to prioritize coins that are further behind the rest.
Remember not to chase coins that have already had a big push, if you are going to do it, do it only if there has been fundamental news and using our indicators (key levels, take profits and attention signals as a warning for not to chase)
